Industry News

Crude Oil and Iron Ore Prices in Tailspin as Covid Seen Damaging China’s Growth

Views : 207
Update time : 2021-08-10 18:15:47

Mounting worries over the quickly spreading Delta Covid variant’s impact on the global economy solidified further this week after Goldman Sachs and JP Morgan Chase downgraded economic outlooks on China. Goldman sees third-quarter growth slowing to 2.3% from 5.8%. A rebound in the fourth quarter may transpire, however, but the full-year projection remains worse off as restrictions are seen hampering consumption in the Chinese economy. Nearly 100 locally sourced cases were reported on Monday, according to China’s National Health Commission.

The downbeat outlook weighed on crude oil and iron ore prices, two major commodities that are particularly insightful to gauge demand in the world’s second-largest economy. Crude oil fell nearly 2% on Monday, while the global benchmark, Brent, sank just over half a percent. Meanwhile, iron ore prices added to recent losses, extending the monthly drop to almost 10%. Iron ore prices are highly reliant on Chinese demand, given it is the largest importer of the mineral ore.

Related News
Read More >>
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Mar .12.2025
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Mar .12.2025
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they? Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
Mar .12.2025
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
International crude oil prices increase on Mar 11 International crude oil prices increase on Mar 11
Mar .12.2025
International crude oil prices increase on Mar 11